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Reason

Eric Boehm

INSANE: Marijuana banking legalization gets scrapped again | Rare Historical Photos

Marijuana United States Chuck Schumer Ed Perlmutter

For a sixth time, the Secure and Fair Enforcement (SAFE) Banking Act has been scrapped by the U.S. Senate just before earning a vote. The proposal would grant state-legal marijuana businesses access to federally insured banks.

The latest blow to the SAFE Banking Act came Thursday when senators stripped the proposal out of the America COMPETES Act, a House-passed bill that aims to subsidize computer chip manufacturers and other industries. The inclusion of the SAFE Banking Act was one of the few redeemable aspects of the COMPETES Act, which is mostly a cronyist mess of disjointed giveaways to politically connected industries.

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